Investments from GIC 'not the solution' to shake up Singapore's stock market: Chee Hong Tat

New: You can now listen to articles.SINGAPORE: Directing Singapore sovereign wealth fund GIC to invest in locally-listed firms is “not the solution” to improve the attractiveness of the local equity market, said Transport Minister Chee Hong Tat on Tuesday .

GIC – one of the three investment entities managing Singapore's reserves – is the government’s fund manager. It does not own the assets it manages and as a rule, it does not invest in Singapore. This is not the first time that this has been mooted. The Singapore Business Federation proposed having GIC use Central Provident Fund monies to invest in the Singapore stock market as early as 2016.

“GIC must, therefore, continue to make professional investment decisions, and the government should not direct or interfere with GIC’s investment decisions,” said the minister. The government also has various schemes in place to help more SGX-listed companies expand overseas and become more attractive to global investors.

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Chee Hong Tat on allocating part of GIC’s investments to locally listed companiesThe Government will continue to find ways to improve the attractiveness of the local equity market, but directing GIC to invest in locally listed companies is not the solution. Second Minister for Finance Chee Hong Tat said this in Parliament on Tuesday (Jul 2) in response to an MP’s question.
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